Trying my best.

Fool69

I’m hoping to be in a position to apply for a mortgage by this time next year. I’ve recently had a change to my circumstances which means I’ve been able to start cutting my debts down seriously and also start to save. I’m in a good stable job but I’ve been privately renting for a long time and doing silly things with credit I now regret. I guess what I want to know is how likely it is that I would be able to apply next year. My credit rating just now is very poor but I’ve set up payment plans with all defaults which will mean that they will be paid off next year or at the very least significantly reduced.

Willing2Learn

Hi,

How many defaulted credit accounts do you have?
What are their dates of default?

DCFC79

Remember your rating is neither here nor there, lenders will see your history.

maxximus75

If you have defaults showing, when the time comes I wouldn't bother going direct to the banks for a mortgage but rather a broker that is experienced in adverse mortgages.


The defaults will still show on your credit report and won't drop off until 6 years after the default date but showing as paid will help when the underwriters review your mortgage applicaiton.